Banking & Finance

Remittances to HCMC rise 20% in Jan-May

Released at: 10:44, 10/06/2015

$1.7 billion in overseas remittances sent to City in first five months.

by Hung Khanh

In the first five months of the year overseas remittances to Ho Chi Minh City reached $1.7 billion, an increase of 20 per cent against the same period last year, according to the State Bank of Vietnam’s office in the City.

Nearly 72 per cent of all remittances went into businesses, with real estate accounting for almost 22 per cent, while remittances to support families accounted for 7 per cent of the total. With this positive flow of remittances from January to May the SBV believes the total sent to Ho Chi Minh City for the year as a whole may reach $5.5 billion, or 10 per cent more than in 2014.

Mr. Vo Tri Thanh, Vice President of Central Institute for Economic Management (CIEM), said that in 1991 total remittances stood at just $35 million and then $12 billion in 2014, representing average annual growth of 38.6 per cent.